Trend,

I agree that a purchased "system" that tells you to bet on a particular horse will basically never work (for TAB betting anyway) because of the dividend reduction that occurs. If you want one of these systems you will have to develop it yourself! Certainly any rational person that had such a system that worked would not sell it - as you say a tax free income of 50-100K per year (or more) FOR EVER would be far better than the short term profit from selling it.

However you have to be careful not to lump all racing information providers into that category - there are quite a few that are simply trying to do the "hard work" in collecting and analysing form etc but the final betting decision is up to the individual. In this case it can be helpful as different people will come to different conclusions from the same data (so they will not be betting on the same horses). I have never heard of Elite Racing Data so I don't know what type of service/system they are selling.